QUESTION 26 On January 1, 2016. Jones Company bought 5000 shares of ABC company stock. This represents 15% of the shares available from ABC Company. Jones paid 55.00 per share for the stock. During 2016, ABC earned $50,000 in net income: Paid total dividends of $20,000: and had the same number of shares available. assume the stock is accounted for as available for sale security. Assume the fair value of the stock is $3.00 per share on Dec 31, 2016 Assume the fair value of the stock is $7.00 per share on dec 31, 2017 What is the debit to Fair Value Adjustment on Dec 31, 2017? assume the stock is accounted for as available for sale security. Assume the fair value of the stock is $3.00 per share on Dec 31, 2016 Assume the fair value of the stock is $7.00 per share on dec 31, 2017 What is the debit to Fair Value Adjustment on Dec 31, 2017? a. 55.000 b. $10,000 c. $15,000 d. $20,000 e none of the above